News

Mubadala sells stake in UAE property business

Apr 01, 2021 By Nik Pratt
A subsidiary of investment firm, Alpha Dhabi, has acquired a minority stake in Aldar Property from Abu Dhabi sovereign fund, Mubadala. The subsidiary, Sublime Commercial Investment, spent AED3.5 billion (US$950 million) to purchase the 12.21% stake in what is the largest listed developer in the UAE. The transaction is also one of the largest private share purchases in a UAE-listed company and involved the transfer of 960 million shares at a cost of just less than $1 per share. Local brokers International Securities and ADCB Securities acted as the intermediaries. Mubadala remains the largest shareholder in Aldar with a stake of 25% and has stated it will “continue to be a long-term strategic investor”. ©2021 funds global mena

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